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of the world still pose serious barriers to the freer flow of goods in international commerce. Without a policy of freer trade, we stand no chance of protecting the great stake we have in exports in western Europe, for we would not have at our disposal the negotiating authority we must have to achieve a lowering of external tariffs of custom unions like the European Common Market. A 5-year extension is essential to meet that problem with businesslike effectiveness.

A 5-year extension is essential for another reason. Ours should be a foreigntrade policy in whose dependability our own importers and exporters and those of other nations can have confidence-the kind of confidence necessary to stimulate investment in trade promotion without the fear that success in the expansion of trade will be penalized by new restrictions enacted into legislation at the next short-term renewal of the Trade Agreements Act. We rightly express our concern over the lack of a suitable climate for United States private investment in many parts of the world. We should not tarnish our own record in this respect by penalizing the success of those who invest capital-trade promotion capital-in our own country.

As a bubble-gum manufacturer, I can quite properly urge the Senate to eschew any and all efforts to foist restrictive trade policies and any form of economic isolationism on the American people. I can properly urge the Senate to enact legislation which prevents the machinery of the international exchange of goods and services from becoming stuck with restrictions that hurt the consumers of all nations. And I can properly say, as I did before the House Ways and Means Committee, that I do not want to see our professions of belief in free-world unity, our announced support of democratic institutions everywhere, and our proclaimed devotion to the rising of living standards throughout the community of free nations become just a huge bubble, easily burst by the dangerous consequences of a policy of trade restriction.

I believe that the national interest demands your support of H. R. 12591 if we are to move confidently toward the goals I have sought to define.

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As a resident of Westport and manufacturer of Norwalk, both in the Fourth Congressional District of Connecticut and a citizen of the United States of America, I ask the committee to stimulate international trade and develop a favorable foreign-trade policy by supporting the reciprocal trade agreements program bills, H. R. 10368 and H. R. 10369, and make this appeal part of your record.

HAROLD W. KEPHART, Paperboard Laminating Corp.

(Whereupon, at 1:35 p. m., the committee recessed, to reconvene at 10:05 a. m., Friday, June 27, 1958.)

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HEARINGS

BEFORE THE

COMMITTEE ON FINANCE

UNITED STATES SENATE

EIGHTY-FIFTH CONGRESS

SECOND SESSION

ON

H. R. 12591

AN ACT TO EXTEND THE AUTHORITY OF THE PRESIDENT TO ENTER INTO TRADE AGREEMENTS UNDER SECTION 350 OF THE TARIFF ACT OF 1930, AS AMENDED, AND FOR OTHER PURPOSES

27629

JUNE 27, 30, JULY 1, 2, 3, 1958

PART 2

Printed for the use of the Committee on Finance

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON: 1958

COMMITTEE ON FINANCE

HARRY FLOOD BYRD, Virginia, Chairman

ROBERT S. KERR, Oklahoma
J. ALLEN FREAR, JR., Delaware
RUSSELL B. LONG, Louisiana
GEORGE A. SMATHERS, Florida
CLINTON P. ANDERSON, New Mexico
PAUL H. DOUGLAS, Illinois
ALBERT GORE, Tennessee

EDWARD MARTIN, Pennsylvania
JOHN J. WILLIAMS, Delaware
RALPH E. FLANDERS, Vermont
GEORGE W. MALONE, Nevada
FRANK CARLSON, Kansas
WALLACE F. BENNETT, Utah
WILLIAM E. JENNER, Indiana

ELIZABETH B. SPRINGER, Chief Clerk

II

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